Required information [The following information applies to the questions displayed below.] Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2,100 units; cost $6.20 each. 8 Purchased 10,500 units for $5.60 each. 14 Sold 8,400 units for $12.10 each. 18 Purchased 6,300 units for $5.40 each. 25 Sold 7,400 units for $11.10 each. 28 Purchased 4,100 units for $5.80 each. 31 Inventory on hand-7,200 units. Required: 1. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using the FIFO method. Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual FIFO: Cost per Cost of Goods Available for Sale # of units sold # of units Cost per unit Cost of Goods Sold Cost per # of units sold Cost of Goods Sold Cost per Total Cost of Goods Sold # of units in inventory unit Ending Inventory unit unit 2,100 10,500 5.60 58,800 5.60 5.60 5.60 Beg. Inventory Purchases: August 8 August 18 August 28 Total 6,300 5.40 34,020 5.40 5.40 5.40 4,100 5.80 23,780 5.80 0 5.80 5.80 23,000